The cost of living crisis is becoming a major concern for many Australians, leading to a surge in personal debt levels. As Interest rates remain high and rental availability remains low, more and more people are struggling to make ends meet. Energy costs are also set to rise by approximately 20 per cent for the second year running.
According to recent data, the average Australian household now spends approximately 30% of their income on housing costs alone, leaving little room for other essential expenses such as food, transport, and healthcare.
Experts predict that the cost of living crisis will continue throughout 2023, but there is a glimmer of hope with the government accounting relief across the country.
Here’s what you need to know about initiatives that you may be eligible for in your state or territory.
New South Wales
- The Low-Income Household Rebate: This program provides a $285 rebate to eligible households to help cover the cost of electricity bills
- The Family Energy Rebate: This program provides a $180 rebate for recipients of the Family Tax Benefit
- The Gas Rebate: A $110 rebate to eligible households to help cover the cost of gas bills
- The Energy Accounts Payment Assistance (EAPA) Scheme: This provides emergency financial assistance to eligible low-income households, in the form of $50 vouchers up to the amount of $1600 p.a
- The Seniors Rebate: A $200 payment for self-funded retirees with a Commonwealth Seniors Health Card (CSHC)
Victoria
- Power Saving Bonus: A $250 bonus paid to those who visit the government comparison website
- Winter Gas Concession: A 17.5% concession on gas usage and service costs for eligible concession card holders to help ease the cost of living during winter
- Pensioner Concession: A 50 per cent rebate of the current year rates to a maximum of $253 for eligible pensioners
- Annual Electricity Concession: A 17.5% concession on electricity usage and service costs for eligible concession card holders
Queensland
- The Electricity Rebate: This program provides a $372 rebate to eligible seniors and pensioners to help cover the cost of electricity bills.
- The Reticulated Natural Gas Rebate: This program provides an $81 rebate to eligible seniors and pensioners to help cover the cost of gas bills
- The Home Energy Emergency Assistance Scheme: Emergency financial assistance to eligible low-income households that are struggling with a financial crisis, paying up to $720 once every two years
- Rates Subsidy: Eligible pensioners can receive a subsidy of 20 per cent (up to a maximum amount of $200 each year) of the gross rates and charges levied by local council.
South Australia
- The Energy Bill Concession: This program provides a concession to eligible households to help cover the cost of energy bills
- Cost of Living Concession: A concession to help people on low or fixed incomes with their general living expenses, paying $449 for owner-occupiers or $224.60 for renters/self-funded retirees
- Energy Discount Offer: A program by Origin Energy, available only to Concessions customers offering 17% off electricity and 11% off gas
Western Australia
- The Hardship Utilities Grant Scheme: This program provides emergency financial assistance to eligible low-income households struggling to pay their utility bills, paying up to $960 per year
- Energy Concession: This program provides support to eligible low-income households to help cover the cost of energy bills.
Tasmania
- The Annual Electricity Concession: A concession to eligible households to help cover the cost of electricity bills
Northern Territory
- Electricity Concession: Access to concessions on essential goods and services to help with living expenses, up to $1,200 per year
Financial support and advice
Although these programs may slightly ease the pressure of the cost of living crisis, there’s no doubt that the current economic landscape will continue to cause stress for households across the country in 2023. If you are in need of support and advice about how to best manage your finances, the APS team is here to support you, all the way from Personal Loans, to Tax and Accounting and Financial Planning.